Is refinancing an auto loan wise?

Answer 1

No I wouldn't recommend you to refinance your car.

Answer 2

1

Answer 3

It can be, I've done it several times.

This can be a GREAT way to save money on a car purchase AND beat the dealer at their own game.

Grind them down on price, but let them take you to the cleaners on the financing. I've ground the sales price well below dealer cost a couple of times in exchange for a 20% interest rate. Just be SURE that they're not adding anything to the car like warrantys, protection packs, etc. Just an outrageous interest rate!

Once you have a deal signed, go straight to your bank or credit union with the deal and refinance it. When you go to take delivery, bring the bank or CU check and pay off their overpriced rip-off note on the spot! They will scream bloody murder but it's perfectly legal.

OR, if you want to avoid the theatrics, take delivery and drive straight to your bank or CU. They will contact the lender and arrange a payoff directly and substitute their loan for the dealer's.

I got taken this way when I sold cars 35 years ago and have used it to my advantage many times since. It's the only sure-fire way to take a dealer to the cleaners. It helps if you can act as if you are a financial idiot as you'll wind up with an even better deal. ;)

Answer 4

I think it's wise if it lowers your intrest rate, payment amount, and term of the loan. Saving money is always a good idea.

Answer 5

Is refinancing an auto loan wise?

T.R.Y
T.H.I.S.
S.I.T.E
W.H.E.R.E
Y.O.U
C.A.N
F.I.N.D
T.H.E
B.E.S.T
S.O.L.U.T.I.O.N
F.O.R
Y.O.U

Answer 6

Nope. Cars depreciate in value too rapidly. If you refi you'll end up paying way too much for the car.

Answer 7

no